What I did not know yet about hunger, but would find out over the next twenty-one years, was that brilliant theorists of economics do not find it worthwhile to spend time discussing issues of poverty and hunger. They believe that these will be resolved when general economic prosperity increases. These economists spend all their talents detailing the process of development and prosperity, but rarely reflect on the origin and development of poverty and hunger. A a result, poverty continues.
Interpretation
The quote highlights the neglect of poverty and hunger in economic discussions, suggesting that prosperity alone does not address these issues.
In this reflection, Muhammad Yunus critiques the prevailing mindset among economists who focus primarily on development and prosperity, often overlooking the critical issues of poverty and hunger. He argues that while economic growth is important, it does not automatically resolve the systemic problems that lead to hunger and poverty. By failing to engage with these fundamental human issues, economists contribute to the persistence of poverty Rather than finding solutions, they often leave these issues unaddressed while concentrating on theoretical models for economic advancement.
In practice
In a speech about economic policies, one might reference this quote to advocate for a more inclusive approach that addresses poverty.
Civilization has given us enormous successes: going to the moon, technology. But then this is the civilisation that took us to debt, environmental crisis, every single crisis. We need a civilization where we say goodbye to these things.
People.. were poor not because they were stupid or lazy. They worked all day long, doing complex physical tasks. They were poor because the financial institution in the country did not help them widen their economic base.
Some people think that poor people are lazy. Actually, it takes a lot of work to survive when you are dirt-poor.
Once poverty is gone, we'll need to build museums to display its horrors to future generations. They'll wonder why poverty continued so long in human society - how a few people could live in luxury while billions dwelt in misery, deprivation and despair.
By simply capitalizing on core strengths and knowledge, companies and entrepreneurs can engage in an emerging business model that will enable them to create - and demonstrate - real, sustainable social impact in society.
Today, if you look at financial systems around the globe, more than half the population of the world - out of six billion people, more than three billion - do not qualify to take out a loan from a bank. This is a shame.
Big companies are reliant on institutional investors on a punishing schedule which leads to ruthless behaviour. This form of capitalism with this structure and incentives will never deliver sustainability.
One of the arguments I make for the failure of the euro is that, at the time it was being constructed, there was a 'neo-liberal' ideology which said that all we need to do to make this thing work is to get deficits low, keep inflation low, and take down barriers, and then everything would be fine.
If stability and efficiency required that there existed markets that extended infinitely far into the future - and these markets clearly did not exist - what assurance do we have of the stability and efficiency of the capitalist system?
Women are the engine driving the growth in California's economy. Women make California's economy unique.
No nation was ever ruined by trade.
The rich have markets, the poor have bureaucrats.
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